Audit regulator looking into Manchester City accounting

The UK audit regulator has confirmed it is leading inquiries into accounting irregularities at Manchester City.

The Financial Reporting Council confirmed in a letter to the House of Commons business select committee it had taken over "regulatory consideration" of the case from the Institute of Chartered Accountants in England and Wales on 30 September.

No formal investigation has started, but the FRC is making inquiries into the case.

It comes after Manchester City were found guilty by an independent commission…